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Dec 1, 2012 12:30pm EST
hedge fund. healthcare, the phrase you used is how we manage our markets. i remember 41 of the most profound papers i read was the paper nearly 1960's on why health care is different. why doesn't the free-market rescue work, what other designs do we have? >> what arrow did, you have this wonderful idealized version of a market that is in our textbooks. which a market is a perfectly efficient way to work, and not necessarily fear which is a different question but there are a bunch of things, assumption that are involved, assumptions that everybody has the same information and everybody knows what they are doing and the buyers understand what the sellers, able to make informed decisions. what can arrow did almost 60 years ago, he said if you made a list of these things, various ways in which markets fail, the paradigm doesn't apply, everyone of those applies to health care. healthcare is a nightmare for the problem issues of markets, asymmetrical information of various kinds, people may have a better notion, you have to rely on insurance, and not -- big costs are unpredictable and hug
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